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[March 2004]
Alcoa Completes Sale of Specialty Chemicals Business
Alcoa Inc (Pittsburgh, PA, USA) said on 27 February 2004 that Alcoa World Alumina & Chemicals (AWAC), in which it has a 60% share, had completed the sale of Alcoa Specialty Chemicals to two private equity firms led by Rhone Capital LLC for approximately US$342 million which includes the assumption of debt and other unfunded obligations. The sale is part of the divestiture programme announced by Alcoa in January 2003.
The Specialty Chemicals business consists of 11 operating facilities in six countries around the world. In addition to facilities in North America, Europe, Japan and an equity stake in Australia, Specialty Chemicals operates production and processing centres in China and India.
The business' products are sold into a wide range of end markets including the steel, cement, petrochemical, plastics, automotive, non-ferrous metal production, ceramics and electronics industries. Specialty Chemicals has annual revenues of approximately US$360 million and employs around 800 people. Under the new ownership, the business will be renamed Almatis and will continue to leverage its leading global market position and excellent growth opportunities, concluded Alcoa.
ENDS